3i raises Rs 4,800 crore

3i, a global private equity investor, has raised Rs 4800 crore ($1.2 billion) for an India-focused infrastructure fund. Called the 3i India Infrastructure Fund, it will invest in core sector companies and projects. 3i has raised 20 per cent more than its target of $1 billion.

Michael Queen, managing partner and head of 3i's Infrastructure business, said, "It is a positive endorsement to have received such strong support from a high-quality global investor base for this fund. The closure of this fund significantly above target represents a milestone for us and will enable projects with a capital value of up to $5 billion to be completed."

The fund has obtained commitments from 16 partners from 10 countries across Europe, North America, Asia and West Asia. FTSE-listed 3i Infrastructure and 3i are the largest investors, each committing $250 million to the fund, a announcement from the fund said on Thursday.

Targeting around 10 investments, the fund has invested $227 million (nearly Rs 908 crore) in Adani Power, and $101 million (nearly Rs 400 crore) in Soma Enterprise, which developed infra projects build-operate-transfer (BOT) projects.

In 2007, 3i formed a strategic partnership with the Infrastructure Finance Corporation (IIFCL) to finance infrastructure projects in India.